Companies are currently focusing on launching spirulina based natural colors and are investing more on research and development in order to expand the customer base and enhance regional presence
The analytical research report by Persistence Market research covers various aspects of the spirulina extract market that have an influence over its growth in the long run. The spirulina extract market has been experiencing steady growth graph since past years. During the 2017-2025 timeline, the global market for spirulina extract is expected to reflect a 1.8x increase in the revenue growth.
In 2017 the global spirulina extract market was valued at US$ 150 Mn and by the end of the assessment year (2025), it is estimated to touch a value more than US$ 270 Mn growing at a value CAGR of 7.9% throughout the period of forecast.
New applications of spirulina are expected to create new business segments in the market. Spirulina is in use for a broad range of beverages that are still not available in the market. Spirulina juice and smoothies are among the only few beverage products that are launched in few regions. There lies a great opportunity since only a few companies are into this business due to introductory stage of this product market. Even spirulina is used in producing various natural colors.
Manufacturers are exploring the potential of spirulina in cosmetics. Application of Spirulina in cosmetic products are gaining traction in the recent years. Recently, manufacturers have started using micro-algae in the treatment of skin problems, which includes aging, tanning, and pigment disorders.
Further, there are also potential uses in the areas of anti-aging, skin whitening, and pigmentation reducing products. Algae species have already been used in few of the cosmetic formulations, such as moisturizing and thickening agents.
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- ChrHansen A/S.
- Sensient Technologies Corp
- Parry Nutraceuticals Limited.
- Cyanotech Corp
- DIC Corporation
- GNC Holdings, Inc.
- DDW Inc
- Dongtai City Spirulina Bio-Engineering Co
- Now Health Group Inc
- Fuqing King Dnarmsa Spirulina Co
- Parry Nutraceuticals Limited
- Fraken Biochem Co., Ltd.
- Naturex S.A.
- Döhler GmbH
- Far East Bio-Tec Co., Ltd(ALGAPHARMA BIOTECH CORP.)
Nutraceuticals to reflect lion’s share in the global spirulina extract market
The nutraceutical segment in the application category is expected to show increased consumption of spirulina extract. The segment reflected higher market share in 2017 and is likely to grow to a much higher valuation by the end of the assessment year. This segment is anticipated to touch an estimation of more than US$ 200 Mn by 2025 end from a value of around US$ 100 Mn in 2017, thus dominating the global market in the coming years. The nutraceutical application segment is projected to grow at a high CAGR of 8.0% during the period of assessment.
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Dairy products and drinks to support the growth of food and beverage segment
Food and beverage application segment is expected to grow at the fastest pace in the coming years. This segment was valued at about US$ 23 Mn in 2017 and is expected to reach US$ 44 Mn by end of 2025 and is the second largest segment with respect to value. This segment is poised to register a CAGR of 8.5% throughout the forecast period. Food and beverage segment is further categorized into dairy products, confectionery, drinks and others.
Dairy products sub segment in the food and beverage category is expected to largely contribute to the growth of the parent segment. Dairy products sub segment is poised to reach value around US$ 18 Mn by the end of 2025. The drinks segment is the fastest growing segment in the years to follow. This segment is anticipated to grow at a stellar value CAGR of 9.9% during the period of forecast, 2017-2025.
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